The buying process in Spain

Do you want to buy property in Barcelona? We can help you!

For a video presentation detailing the buying process, follow this link to How to Buy a Property in Barcelona.

Buying a property in Spain is an exciting process which can easily become overwhelming if you aren’t aware of the local legal requirements and regulations.

Casamona offers you an overview of all the steps you need to follow to purchase your dream home in Spain.

STEP 1: Financing and Costs
If you already have the money to buy your property, you can go to step 2.
Getting a mortgage in Spain:
If you are NOT a Spanish citizen, you might experience difficulties getting a mortgage for more than 50% of the purchase price of the property. First, the bank will need to appraise the value of the property to base the mortgage on this (it takes around 2 weeks). Keep in mind that the appraisal value is usually lower than the market price. Casamona can advise and help you with the mortgage acquisition process.
Getting a mortgage in your home country: Many foreigners choose to get a mortgage in their home country as the process could be more beneficial and accessible than in Spain.
1. Total Cost of Buying:
STEP 2: Finding Your Dream Home!
When you are looking for a property in Barcelona you can quickly get confused and overwhelmed. Agencies may have the same property for sale but listed on different prices. Other agencies may show unrealistic photos of their listed properties. Casamona can help you filter out through all the properties online. We will also make sure that you buy at the fairest price. Casamona partners with other local agencies. Together we have more than 2000 properties that we can offer you for sale We will give you all the options we have and if you need more help we would recommend you a buyer agent package.
STEP 3: Legal Requirements to Purchase Property
To be able to purchase your perfect home, you need to make sure you comply with the local legal requirements in Spain. You will need a Spanish bank account and a NIE if you are a foreigner.
What is a NIE?
The NIE (Número de Identificación de Extranjeros), is an identification number required to buy property in Barcelona. It is also needed for other services, such as healthcare, banking, finance transactions, etc. You can obtain one from the Foreigners' Office at the police station (Oficina De Extranjería). Click here to get an appointment - you will have to first choose your province (Barcelona) and then on the next page "Certificados y Asignación NIE" if you are from within the European Union, or "Certificados y Asignación NIE (No Comunitarios)" if you are from outside of the EU. You will then be taken to a page with all the necessary instructions, forms to fill in and costs for your NIE application. In the case that you have a buyer-agent contract, our team can help you with getting your NIE. (see Step 1 in Buyers Package)
You also need to open a Spanish bank account
In order to open a bank account, you will need your Spanish ID document or NIE if you are a foreigner, a document proving your address in Spain and a document for proof of employment. You can also open a bank account online, keep in mind that you will still need to provide the same documents listed above. Casamona can advise you on which bank to choose and how much is needed to pay for their services if you have a buyer agent contract with us (more information in Buyers Package).
STEP 4: Making an Offer
After Casamona helped you find your dream home you would now need to make an offer to reserve your property. We often know whether the owner will accept a lower offer or not and we can offer you advice for this too. When you make an offer, you will need to pay 1% of the property price or a minimum of 3 000 EUR. . We will then present the offer to the owner and help you negotiate. If your offer is not accepted, then the owner can present a counter offer. If you don’t come to an agreement with the owner, you get your full deposit back. If you do come to an agreement, the deposit becomes your reservation. Once this happens, the owner can't sell, rent or enter into any negotiations with other interested parties for this property.
STEP 5: The Arras Contract
The Arras contract is an official agreement between you as a buyer and the owner as a seller where you agree on the purchase and price of the property. On this stage you will need to pay 10% of the buying price. It is important to keep in mind that once the Arras Contract is signed you and the owner are legally bonded. This means that if you back out of the agreement, you will lose the 10% of the buying price that you already paid. On the other hand, if the selling party backs out, they will have to pay you twice the amount of the deposit.
STEP 6: Sign The Escritura
In Spain Escritura means Title Deed. It is a legal written document that needs to be signed in front of a notary. Casamona can organize all the formalities with the notary for you. On this stage you have to pay the remaining price of the property. The Escritura represents the change of ownership. Once signed, the property is yours. You finally receive the keys for your new home. Keep in mind that you will need to pay a transfer tax within the next 21 days.